Spillovers from health insurance to the U.S. underground economy
Much academic and investor analysis and commentary see the four main precious metals as a single market, integrated and to some degree with each metal a substitute for the other. This proposition, which can be explicit or implicit, can be challenged on economic and statistical grounds. Using the Diebold and Yilmaz (2009) methodology, we show that the market is only weakly integrated, that this degree of integration is time varying and that it differs as between returns and volatility.
Goel, R. K., & Saunoris, J. W. (2015). Spillovers from health insurance to the U.S. underground economy. Applied Economics Letters, 22(6), 474. doi:10.1080/13504851.2014.950790